Losers, Winners, and Biased Trades

Losers, Winners, and Biased Trades

When faced with sequential information, consumers tend to fall prey to one of two well‐known heuristics: the hot (or cold) hand and the gambler’s fallacy. The authors relate these two traditionally separate heuristics to differences in accepting (buy) versus rejecting (sell) decisions. They identify...

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Veröffentlicht in:Journal of Consumer Research. - University of Chicago Press. - 32(2005), 2, Seite 324-329
1. Verfasser: Johnson, Joseph (VerfasserIn)
Weitere Verfasser: Tellis, Gerard J., Macinnis, Deborah J.
Format: Online-Aufsatz
Veröffentlicht: 2005
Zugriff auf das übergeordnete Werk:Journal of Consumer Research
Schlagworte:Inference Making Behavioral Decision Theory Judgment and Decision Making Economic Theories and Analysis Behavioral sciences Economics Business Social sciences Joseph
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500 |a * Joseph Johnson is assistant professor of marketing at the University of Miami ( jjohnsonmiami.edu ). Gerard J. Tellis is the Jerry and Nancy Neely Chair of American Enterprise at the Marshall School of Business, University of Southern California. ( tellis@usc.edu ). Deborah J. Macinnis is professor of marketing at the University of Southern California ( macinnis@almaak.usc.edu ). The authors acknowledge the helpful input of the editor, the associate editor, and the reviewers. The authors also thank Michael Kamins, Howard Marmorstein, Joseph Nunes, A. Parasuraman, S. Siddarth, Stefan Stremersch, and Yiding Yin for their valuable comments at various stages of the research. 
520 |a When faced with sequential information, consumers tend to fall prey to one of two well‐known heuristics: the hot (or cold) hand and the gambler’s fallacy. The authors relate these two traditionally separate heuristics to differences in accepting (buy) versus rejecting (sell) decisions. They identify trend length as a contextual moderating variable and show an asymmetry between buying and selling frames. When applied to a stock market context, a consistent finding is that consumers prefer to buy past winners and sell past losers even when neither should be preferred. This behavior violates the normative rule of buy low and sell high. 
540 |a © 2005 by JOURNAL OF CONSUMER RESEARCH, Inc. 
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